WORLD PRESS TRENDS - World Association of Newspapers

AUSTRALIA
Under government policy, all proposals for foreign companies
or individuals to acquire 5% or more of a newspaper, or to
establish a newspaper, are subject to case-by-case examination
by the Federal Treasurer.
In general terms, the current policy sets the following foreign
ownership limits:
· for national and metropolitan newspapers, the
maximum permitted single foreign stake is 25%,
while other unrelated foreign interests can have
an additional 5%;
· for provincial and suburban newspapers (which
are not usually published daily) foreign interests
are limited to less than 50% for non-portfolio
shareholdings.
These limits may be exceeded with approval from the Federal
Treasurer. Existing foreign interests were allowed to remain in
place when this policy was introduced.
Is there any law prohibiting daily newspaper or periodical publishers
from operating radio or television stations in the same locality Yes,
there are very complex laws. In summary, a proprietor would
not be allowed to own both a major metropolitan newspaper
and a free-to-air television station in the same market. If the
Australian Broadcasting Authority is satisfied that 50% or more
of the circulation of a newspaper is within the same area as a
broadcasting licence, then the newspaper will be an associated
newspaper of that licence. There are also restrictions on the
ownership of pay-TV stations in these markets. The
interpretation of markets becomes hazier with national
publications, which are evaluated on a state-by-state basis.
So as to guarantee disclosure and transparency in the capital structure
and to avert silent partnerships, is there a law or rule making it possible
to determine who actually owns a publishing company In respect
of public companies, notification of the acquisition of a
substantial shareholding must be made to the Australian
Securities and Investments Commission (ASIC) and the
company in which the shares are held. Any person can obtain
a search from the ASIC that will provide information regarding
shareholdings of any proprietary company (including ultimate
holding company details, where applicable), and lodged notices
in respect of any given company. The Australian Stock
Exchange also retains records that can be accessed by any
person.
In the case of substantial foreign holdings, the Federal Treasury,
through the Foreign Investment Review Board, must also be
notified. Finally, the Australian Competition and Consumer
Commission takes an interest in all areas under the Trade
Practices Act where it feels that any lessening or restriction in
competition might occur.
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WORLD ASSOCIATION OF NEWSPAPERS - WORLD PRESS TRENDS 2003